3M Company (MMM) reported a net income of $4.173 billion for the year ended December 31, 2024, compared to a net loss of $6.995 billion in 2023. Diluted earnings per share from continuing operations were $7.26 in 2024, a significant increase from a loss of $15.17 in 2023. Net sales for 2024 totaled $24.575 billion, a slight decrease of 0.1% compared to 2023's $24.610 billion. The company attributed the improved profitability to benefits from organic growth, productivity improvements, and restructuring actions, partially offset by growth investments and dis-synergies from the spin-off of its Health Care business, Solventum Corporation.
Significant changes from the previous year included the completion of the Solventum separation on April 1, 2024, resulting in the reporting of Solventum's historical net income as discontinued operations. The company also made changes to its segment reporting, reflecting the separation and internal reorganization. Restructuring charges related to a 2023-2025 reorganization totaled $187 million in 2024 and $415 million in 2023. Additionally, the company incurred significant litigation costs, primarily related to PFAS-related matters and the Combat Arms Earplugs settlement, impacting both 2023 and 2024 results. The company purchased $1.801 billion of its own stock in 2024, compared to $33 million in 2023.
Strategic developments included the completion of the Solventum spin-off and the ongoing restructuring initiatives aimed at streamlining operations and improving efficiency. The company also continued its exit from PFAS manufacturing, with plans to complete the exit by the end of 2025 and discontinue the use of PFAS across its product portfolio by the same date. The company noted progress in eliminating PFAS in various applications but acknowledged that the use of some third-party manufactured PFAS-containing products may continue beyond 2025 in certain applications. The company employed approximately 61,500 people (full-time equivalents) as of December 31, 2024.
Operational developments included mixed results across its business segments. Organic sales growth varied across segments, with increases in some areas and decreases in others. The company highlighted market trends and opportunities in various sectors, including personal safety, connected bodyshops, grid modernization, and automotive electrification. Geographic sales performance showed increases in the Americas and Asia Pacific regions, while the Europe, Middle East, and Africa region experienced a decline. The company's defined benefit pension and postretirement plans were 95 percent funded at year-end 2024.
Looking ahead, 3M anticipates 2025 capital spending of approximately $1.1 billion and expects to contribute $100 million to $200 million to its U.S. and international retirement plans. The company also intends to divest its remaining ownership interest in Solventum within five years of the spin-off. The company acknowledged several significant risk factors, including those related to the global economy, legal and regulatory proceedings (particularly concerning PFAS), product and customer preferences, business operations (including cybersecurity risks), financial and capital markets, and tax matters. The company also highlighted risks associated with the Combat Arms Earplugs settlement and the Solventum spin-off.
About 3M CO
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